Everything is going well for Swedish Thule Group. In an interim report, it published sales for the first quarter that soared by 45.5 percent from the year-ago quarter to 2,538 million Swedish kronor (€250.7m-$301.6m) or by 56.0 percent in constant currencies. Net income jumped to SEK 447 million (€44.2m-$53.1m), from SEK 241 million for the first quarter of 2020, while the operating margin (Ebit) expanded by 4.7 percentage points to 23.4 percent.
The company achieved these good results by riding the strong global bike trend that started in June. This led the board of directors to set new long-term targets for the company. It is aiming for doubled sales by 2030 and a maintained EBIT margin above 20 percent. It also set “ambitious Science Based Targets initiative goals for greenhouse gas emissions by 2030.”
The management said that the new sustainability targets have a focus on fulfilling the Paris Agreement’s ambition not to increase the earth’s average temperature by more than 1.5 °C. They include a 46 percent reduction, in absolute numbers, of greenhouse gases from its production sites, compared with the base year 2019, as well as reaching 100 percent renewable electricity at its own manufacturing sites and offices.
In addition, the group is targeting a 28 percent reduction of greenhouse gases related to purchased materials and upstream and downstream logistics, compared with 2019.